Artificial Intelligence (AI) in Precision Medicine - Market Insights, Competitive Landscape, and Market Forecast - 2032

Artificial Intelligence (AI) in Precision Medicine Market by Product (Hardware/Software and Services), Technology (Deep Learning, Natural Language Processing, and Machine Learning), Application (Drug Discovery & Development and Disease Diagnostics), Therapeutic Area (Oncology, Cardiology, Neurology, Infectious Disease, Immunology, and Others), and Geography (North America, Europe, Asia-Pacific, and Rest of the World) is expected to grow at a steady CAGR forecast till 2032 owing to the rising cases of chronic & genetic diseases and growing product developmental activities worldwide.

The Artificial Intelligence (AI) in precision medicine market was valued at USD 1.03 billion in 2024, growing at a CAGR of 33.18% during the forecast period from 2025 to 2032 to reach USD 10.24 billion by 2032. The Artificial Intelligence (AI) in Precision Medicine market is witnessing substantial growth, driven by the rising global prevalence of chronic and genetic diseases, which have amplified the demand for personalized treatment solutions. This momentum is further propelled by the increasing need for precision diagnostics and tailored therapeutics that leverage AI’s capability to analyze complex biological data.

Technological advancements in AI-powered platforms, combined with innovative product development, are enhancing the accuracy and speed of precision interventions. Additionally, a surge in research and development activities, alongside strategic product launches by key industry players, is accelerating market expansion. These converging factors are expected to significantly fuel the growth of the Artificial Intelligence (AI) in Precision Medicine market during the forecast period from 2025 to 2032.

Artificial Intelligence (AI) in Precision Medicine Market Dynamics:

According to GLOBOCAN data from 2023, approximately 20 million new cancer cases were reported in 2022, with this number projected to rise to 35 million by 2050 around the world.

As per the data from the World Health Organization (WHO) in 2024, in the WHO Eastern Mediterranean Region, over 788,000 cancer diagnoses were recorded in 2022. This figure is anticipated to double to approximately 1.57 million cases by 2045.

Data from the Breast Cancer Research Foundation (2024), reported that in 2022, about 2.3 million women were diagnosed with breast cancer worldwide. Also data from World Cancer Research Fund sated that (2024) there were about 2,480,675 cases of lung cancer and 1,926,425 cases of colorectal cancer were reported in 2022 across the globe.

The rising burden of cancer globally is significantly driving Artificial Intelligence (AI) in Precision Medicine market. As cancer care becomes more complex, there's an increasing need for advanced tools that can support early detection, accurate diagnosis, and personalized treatment strategies. AI-powered precision medicine solutions are gaining momentum for their ability to analyze vast datasets, uncover patterns, and guide tailored therapies, especially in oncology.

British Heart Foundation (2024), reported that approximately 640 million people worldwide were affected by heart and circulatory diseases in 2024, with around 67 million new diagnoses each year.

Further, International Diabetes Federation (2023), stated that 537 million adults aged between 20 and 79 were living with diabetes in 2021. This number expected to reach 643 million by 2030 and 783 million by 2045.

Additionally, WHO data indicated that, as of 2023, approximately 304 million people were living with viral infections like hepatitis B and C. In the same year, an estimated 39.9 million people were living with HIV, including 1.4 million children and 38.6 million adults.

The growing global burden of chronic and infectious diseases is significantly boosting the Artificial Intelligence (AI) in precision medicine market. As conditions like cardiovascular disease, diabetes, and chronic viral infections continue to rise, there is an increasing need for more targeted, efficient, and proactive treatment approaches. AI technologies are playing a crucial role by enabling earlier diagnosis, personalized treatment planning, and real-time patient monitoring. This shift toward data-driven, individualized care is driving demand for AI-integrated precision medicine solutions across healthcare systems worldwide.

The growing demand for personalized medicines and precision diagnostics is playing a significant role in driving the expansion of Artificial Intelligence (AI) in precision medicine market. According to data from the Personalized Medicine Coalition (2024), the U.S. FDA approved 16 new personalized treatments for rare disease patients in 2023, up from just six approvals in 2022. Among these, seven were cancer drugs, and three targeted other diseases and conditions, reflecting the increasing momentum in tailored therapeutic development.

The growing focus on individualized care is driving the integration of Artificial Intelligence (AI) into precision medicine, enabling a shift toward data-driven, patient-specific healthcare. AI algorithms analyze complex datasets, like genomics and health records to predict disease risks and guide personalized treatments. This includes identifying genetic mutations and tailoring interventions based on individual profiles.

Increasing research and development (R&D) activities and innovative product launches by leading industry players are significantly driving the growth of Artificial Intelligence (AI) in precision medicine market. For example, in June 2024, Tempus AI, Inc., a leader in artificial intelligence and precision medicine, announced it had received 510(k) clearance from the U.S. Food and Drug Administration (FDA) for its Tempus ECG-AF. This AI-powered tool helps identify patients who may be at an elevated risk of atrial fibrillation/flutter (AF), enabling earlier and more targeted interventions.

Hence, the interplay of the above-mentioned factors Artificial Intelligence (AI) precision market is poised to register significant growth during the forecast period from 2025 to 2032.

Despite its strong growth potential, Artificial Intelligence (AI) in precision medicine market is challenged by several key barriers. Concerns around data privacy and security, along with regulatory complexities and the need for thorough clinical validation, may limit market expansion during the forecast period.

Artificial Intelligence (AI) in Precision Medicine Market Segment Analysis:

Artificial Intelligence (AI) in Precision Medicine Market by Product (Hardware/Software and Services), Technology (Deep Learning, Natural Language Processing, and Machine Learning), Application (Drug Discovery & Development and Disease Diagnostics), Therapeutic Area (Oncology, Cardiology, Neurology, Infectious Disease, Immunology, and Others), and Geography (North America, Europe, Asia-Pacific, and Rest of the World)

In the product segment of the Artificial Intelligence (AI) in precision medicine market, the hardware/software category is projected to hold the largest revenue share in 2024. This growth is largely driven by the rising cases of cancer globally and the numerous advantages offered by AI-powered software in both precision medicine and diagnostics.

For instance, according to GLOBOCAN 2024, there were 9,826,539 cancer cases reported in Asia, with this number projected to reach 16,336,291 by 2045. In North America, 2,673,174 cancer cases were recorded in 2022, projected to rise to 3,828,805 by 2045. Since, AI-powered platforms are increasingly relied upon for high-throughput data processing, imaging analysis, and predictive modeling, necessitating robust hardware infrastructure and sophisticated software solutions.

This surge in cancer cases is accelerating the adoption of AI technologies that support early detection, personalized treatment planning, and continuous disease monitoring, fueling market expansion across the precision medicine ecosystem.

AI-enabled precision medicine provides a wide range of advantages. AI algorithms can detect subtle patterns in medical imaging, genomic data, and clinical records, patterns that might be missed by human analysis. Also, AI-powered imaging tools can identify early-stage tumors and lesions with high sensitivity and specificity, enabling earlier diagnosis and intervention. Additionally, AI helps personalize therapies by analyzing a patient’s unique genetic, molecular, and lifestyle profiles to predict treatment response, significantly reducing trial-and-error approaches in therapy selection.

AI models are also being used to determine which cancer patients that are most likely to benefit from immunotherapy based on their tumor genomics. Moreover, AI-driven software enables real-time analysis of treatment outcomes and patient responses, allowing clinicians to refine and optimize treatment plans dynamically. Tools powered by AI also assist pathologists in accurately identifying cancer types and grading tumors, enhancing consistency and diagnostic confidence across healthcare systems.

Several key players are actively contributing to market expansion through innovative AI software launches focused on precision medicine. For example, in March 2023, Qritive introduced QAi Prostate, an advanced AI tool specifically designed for prostate cancer diagnosis. Leveraging sophisticated machine learning algorithms, QAi Prostate analyzes whole slide images of prostate core needle biopsies with high precision. It identifies regions indicative of prostatic adenocarcinoma and classifies them into benign or malignant categories. This technology significantly improves diagnostic speed and accuracy, supporting more informed clinical decisions and improved patient outcomes.

Similarly, in November 2024, Aiforia and Paige announced a strategic partnership aimed at advancing Artificial Intelligence (AI) integration in pathology laboratories. Through this collaboration, both companies plan to jointly develop cutting-edge AI tools for precision diagnostics and scientific discovery, further accelerating the development and deployment of precision medicines.

Therefore, all the factors mentioned above are anticipated to witness robust growth in the product segment, thereby driving the overall expansion of Artificial Intelligence (AI) in precision medicine market during the forecast period from 2025 to 2032.

North America is expected to dominate the overall Artificial Intelligence (AI) in precision medicine market.

North America is expected to account for the largest share of Artificial Intelligence (AI) in precision medicine market during the forecast period 2025 to 2032. This dominance is driven by several key factors, including the rising instances of chronic disorder including cancer, lifestyle disease like diabetes, infectious diseases among others. Additionally, the strong R&D efforts focused on AI-based precision medicine, a well-established healthcare infrastructure, and continuous technological advancements in product development and regulatory approvals.

As per the data from GLOBOCAN (2024) revealed that the number of cancer cases in the U.S. reached 2,380,189 in 2022, with projections suggesting an increase to 2,791,752 cases by 2030. Similarly, Data from American Cancer Society in January 2025, 2,041,910 new cancer cases expected to be diagnosed in 2025 in the United States. Artificial Intelligence (AI) cancer precision medicine is emerging as a vital tool, aiming to optimize therapeutic outcomes and reduce treatment-related side effects by tailoring care to individual patients’ genetic and clinical profiles.

According to the American Heart Association (2024), approximately 9.7 million adults were living with undiagnosed diabetes, while 29.3 million were diagnosed in the US. Furthermore, 115.9 million US population were reported to be dealing with pre-diabetes as of 2021. In precision medicine, AI plays an increasingly important role in diabetes care by enhancing diagnosis, predicting disease risk, and creating individualized treatment plans. By analyzing data from various sources, AI algorithms can detect patterns, forecast glucose fluctuations, and suggest personalized therapies, improving disease management.

Furthermore, data from the Centers for Disease Control and Prevention (2024) reported that in 2022, there were an estimated 31,800 new cases of HIV infection in the US. Hence, the continued emergence of complex health conditions, such as HIV, underscores the need for more precise, proactive, and individualized care strategies. This is driving the adoption of Artificial Intelligence (AI) in precision medicine, as it enables earlier detection, risk assessment, and personalized treatment planning. By leveraging patient data and predictive analytics, AI helps clinicians make more informed decisions and improve outcomes, especially for conditions that require lifelong management.

Moreover, leading industry players in the region are investing heavily in R&D to introduce advanced AI-based precision medicine tools. For example, in April 2024, Prenosis announced FDA De Novo marketing authorization for its Sepsis ImmunoScore™, an AI/machine learning software designed to guide precision diagnosis and risk prediction for sepsis.

Similarly, in February 2025, Ibex Medical Analytics received FDA 510(k) clearance for Ibex Prostate Detect, an in vitro diagnostic device that uses AI to generate heatmaps to identify small or rare prostatic cancers. This tool acts as a diagnostic safety net, helping pathologists deliver more accurate cancer diagnoses.

Thus due to interplay of aforementioned factors Artificial Intelligence (AI) in precision medicine is anticipated to register the significant growth in the North American region during the forecast period from 2025 to 2032.

Artificial Intelligence (AI) in Precision Medicine Market Key Players:

Some of the key market players operating in the Artificial Intelligence (AI) in precision medicine market include TEMPUS, GE HealthCare, Qure.ai, Envisionit Deep AI (Pty) Ltd., Avicenna.AI, Aignostics, Inc., Proscia Inc., Ultivue, Inc., Prenosis, Inc., IBEX, Cleerly, Inc., Paige AI, Inc., Densitas® Inc., Photocure ASA, iCAD, Inc., Eko Health, Inc., Owkin, Inc, Massive Bio, Deep Bio Inc., Atomwise Inc., and others.

Recent Developmental Activities in the Artificial Intelligence (AI) in Precision Medicine Market:

• In April 2025, Illumina Inc. and Tempus AI, Inc. have partnered to accelerate the clinical adoption of next-generation sequencing tests. By combining Illumina's advanced AI technologies with Tempus's extensive multimodal data platform, the collaboration aims to train genomic algorithms and speed up the use of molecular testing in patient care.
• In June 2024, Avicenna.AI, a leading medical imaging AI company, received 510(k) clearance from the US Food and Drug Administration (FDA) for CINA-VCF, an AI-powered triage and notification tool designed to detect unsuspected vertebral compression fractures (VCFs) in patients undergoing chest or abdomen CT scans.
• In March 2024, Bayer and Aignostics have entered into a collaboration to advance next-generation precision oncology. Together, they will co-develop a novel target identification platform that utilizes multimodal patient data and cutting-edge AI/ML algorithms to enhance cancer treatment precision.
• In June 2023, Illumina Inc., a global leader in DNA sequencing and array-based technologies, launched PrimateAI-3D, a cutting-edge AI algorithm capable of predicting disease-causing genetic mutations with unprecedented accuracy. This advancement enhances the ability to detect genetic risks earlier and contributes to more personalized treatment strategies

Key Takeaways from the Artificial Intelligence (AI) in Precision Medicine Market Report Study

• Market size analysis for current Artificial Intelligence (AI) in precision medicine market size (2024), and market forecast for 8 years (2025 to 2032)
• Top key product/technology developments, mergers, acquisitions, partnerships, and joint ventures happened over the last 3 years.
• Key companies dominating the Artificial Intelligence (AI) in precision medicine market.
• Various opportunities available for the other competitors in the Artificial Intelligence (AI) in precision medicine market space.
• What are the top-performing segments in 2024? How these segments will perform in 2032?
• Which are the top-performing regions and countries in the current Artificial Intelligence (AI) in precision medicine market scenario?
• Which are the regions and countries where companies should have concentrated on opportunities for Artificial Intelligence (AI) in precision medicine market growth in the coming future?

Target Audience Who Can be benefited from this Artificial Intelligence (AI) in Precision Medicine Market Report Study

• Artificial Intelligence (AI) in precision medicine product providers
• Research organizations and consulting companies
• Artificial Intelligence (AI) in precision medicine-related organizations, associations, forums, and other alliances
• Government and corporate offices
• Start-up companies, venture capitalists, and private equity firms
• Distributors and traders dealing in Artificial Intelligence (AI) in precision medicine
• Various end-users who want to know more about the Artificial Intelligence (AI) in precision medicine market and the latest technological developments in the Artificial Intelligence (AI) in precision medicine market.

Frequently Asked Questions for the Artificial Intelligence (AI) in Precision Medicine Market:

1. What are Artificial Intelligence (AI) in Precision Medicines?

• Artificial Intelligence (AI) in precision medicine is the use of artificial intelligence to analyze health data and provide personalized diagnosis, treatment, and care based on an individual’s unique genetic and clinical profile.

2. What is the market for Artificial Intelligence (AI) in precision medicines?

• The Artificial Intelligence (AI) in precision medicine market was valued at USD 1.03 billion in 2024, growing at a CAGR of 33.18% during the forecast period from 2025 to 2032 to reach USD 10.24 billion by 2032.

3. What are the drivers for the global Artificial Intelligence (AI) in precision medicine market?

• The Artificial Intelligence (AI) in Precision Medicine market is witnessing substantial growth, driven by the rising global prevalence of chronic and genetic diseases, which have amplified the demand for personalized treatment solutions. This momentum is further propelled by the increasing need for precision diagnostics and tailored therapeutics that leverage AI’s capability to analyze complex biological data. Technological advancements in AI-powered platforms, combined with innovative product development, are enhancing the accuracy and speed of precision interventions. Additionally, a surge in research and development activities, alongside strategic product launches by key industry players, is accelerating market expansion. These converging factors are expected to significantly fuel the growth of the Artificial Intelligence (AI) in Precision Medicine market during the forecast period from 2025 to 2032.

4. Who are the key players operating in the global Artificial Intelligence (AI) in precision medicine market?

• Some of the key market players operating in the Artificial Intelligence (AI) in precision medicine market include TEMPUS, GE HealthCare, Qure.ai, Envisionit Deep AI (Pty) Ltd., Avicenna.AI, Aignostics, Inc., Proscia Inc., Ultivue, Inc., Prenosis, Inc., IBEX, Cleerly, Inc., Paige AI, Inc., Densitas® Inc., Photocure ASA, iCAD, Inc., Eko Health, Inc., Owkin, Inc, Massive Bio, Deep Bio Inc., Atomwise Inc., and others.

5. Which region has the highest share in the global Artificial Intelligence (AI) in precision medicine market?

• North America is expected to account for the largest share of the Artificial Intelligence (AI) in precision medicine market in 2024. This dominance is driven by several key factors, including the rising instances of chronic disorder including cancer, lifestyle disease like diabetes, infectious diseases among others. Additionally, the strong R&D efforts focused on AI-based precision medicine, a well-established healthcare infrastructure, and continuous technological advancements in product development and regulatory approvals.